Brent Crude Soars Above $105 Amid Strait of Hormuz Traffic Decline

The global price of Brent crude has surged above $105 per barrel due to concerns over global oil supplies. Traffic through the Strait of Hormuz, a crucial energy route, declined sharply last week to its lowest level in four months.

This significant drop in traffic, combined with the depletion of U.S. strategic oil reserves to their lowest level in 45 years and record-high diesel prices in the United States, has put immense pressure on global energy markets.